Private sector lender Karur Vysya Bank Ltd has reported a growth of 57.7 per cent in its standalone net profit at Rs 217.56 crore for the fourth quarter ended March 31, 2017. The bank had posted a net profit of Rs 138 crore in corresponding quarter of previous fiscal, said Karur Vysya Bank Ltd in a filing to the Bombay Stock Exchange.
However, total income of the bank increased by 8.4 per cent to Rs 1,665.23 crore in January-March quarter of current financial year from Rs 1,536.30 crore in Q4 FY16. On the asset quality front, the bank’s gross non-performing assets (Gross NPA) increased to 3.58 per cent of total loans, as against 1.30 per cent in the year ago period.
Net NPA of the bank too rose to 2.53 per cent from 0.55 per cent in the corresponding period last year. During the quarter, provisions (other than tax) and contingencies jumped significantly to Rs 217.50 crore from Rs 157.50 crore in previous quarter and from Rs 55.01 crore in corresponding quarter of last fiscal.
The board of the bank has recommended a dividend at the rate of Rs 2.60 per equity share (130 per cent on the face value Rs 2 each) for the FY ended March 31, 2017, subject to the shareholders approval at its ensuing AGM. Meanwhile, shares of the bank closed at Rs 115.20 apiece, down 0.65 per cent, from previous close on BSE.